Exploring Lithuanian Real Estate Crowdfunding Investors’ Rationality

Renata Legenzova; Gintarė Leckė

doi:10.2478/mosr-2022-0005

References

1. Agarwal, S., Mazumder, B. (2013). Cognitive Abilities and Household Financial Decision Making // American Economic Journal: Applied Economics. Vol. 5, No.1, pp. 193–207.
Search in Google Scholar Back to article
2. Aiken, L. R. (2002). Psychological Testing and Assessment (11th ed.). – Boston: Allyn and Bacon.
Search in Google Scholar Back to article
3. Alimi, R. S. (2013). Keynes’ Absolute Income Hypothesis and Kuznets Paradox. Internet access: , [assessed March 28, 2022].
Search in Google Scholar Back to article
4. Baker, H. K., Kumar, S., Goyal, N., Gaur, V. (2019). How Financial Literacy and Demographic Variables Relate to Behavioral Biases // Managerial Finance. Vol. 45(1), pp. 124–146. doi:10.1108/MF-01-2018-0003
Open DOI Search in Google Scholar Back to article
5. Block, J. H., Colombo, M. G., Cumming, D. J., Vismara, S. (2018). New Players in Entrepreneurial Finance and Why They are There // Small Business Economics. Vol. 50, No. 2, pp. 239–250.
Search in Google Scholar Back to article
6. Buttice, V., Vismara, S. (2021). Inclusive Digital Finance: The Industry of Equity Crowdfunding // Journal of Technology Transfer. doi: 1007/s10961-021-09875-0
Open DOI Search in Google Scholar Back to article
7. Charles, M. A., Kasilingam, D. R. (2013). Does the Investor’s Age Influence Their Investment Behaviour? // Paradigm. Vol. 17, No. 1–2, pp. 11–24. doi: 10.1177/0971890720130103
Open DOI Search in Google Scholar Back to article
8. Chen, X., Huang, B., Ye, D. (2019). The Gender Gap in Peer-to-Peer Lending: Evidence from the People’s Republic of China // Asian Development Bank Institute. doi: http://hdl.handle.net/11540/10928.
Search in Google Scholar Back to article
9. Choudhary, S., Yadav, M., Srivastava, A. P. (2021). Cognitive Biases Among Millennial Indian Investors: Do Personality and Demographic Factors Matter? // FIIB Business Review. doi: 10.1177/23197145211057343
Open DOI Search in Google Scholar Back to article
10. Cohen, G., Kudryavtsev, A. (2012). Investor Rationality and Financial Decisions // Journal of Behavioral Finance. Vol. 13, No. 1, pp. 11–16. doi: 10.1080/15427560.2012.653020
Open DOI Search in Google Scholar Back to article
11. Elton, E. J., Gruber, M. J., Busse, J. A. (2011). Are Investors Rational? Choices among Index Funds // Investments and Portfolio Performance, pp. 145–172.
Search in Google Scholar Back to article
12. Ellis, A. (1976). The Biological Basis of Human Irrationality // Journal of Individual Psychology. Vol. 32, No. 2, pp. 145–168.
Search in Google Scholar Back to article
13. Fromlet, H. (2001). Behavioral Finance – Theory and Practical Application // Business Economics. Vol. 36, No. 3, pp. 63–69.
Search in Google Scholar Back to article
14. Gavurova, B., Kubak, M., Huculova, E., Popadakova, D., Bilan, S. (2019). Financial Literacy and Rationality of Youth in Slovakia // Transformations in Business & Economics. Vol. 18, No. 3(48), pp. 43–53.
Search in Google Scholar Back to article
15. Gonzalez-Igual, M., Corzo Santamaria, T., Rua Vieites, A. (2021). Impact of Education, Age and Gender on Investor’s Sentiment: A Survey of Practitioners // Heliyon. Vol. 7, No. 3. doi: 10.1016/j.heliyon.2021.e06495
Open DOI Search in Google Scholar Back to article
16. Gourinchas, P. O., Parker, J. A. (2002). Consumption Over the Life Cycle // Econometrica. Vol. 70, pp. 47–89. doi: doi.org/10.1111/1468-0262.00269
Open DOI Search in Google Scholar Back to article
17. Harris. W. L., Wonglimpiyarat, J. (2020). Dynamics Of Crowdfunding and Fintech Challenges // International Journal of Business Innovation and Research. Vol. 23, No. 4, pp. 501–514.
Search in Google Scholar Back to article
18. Herve, F., Manthé, E., Sannajust, A., Schwienbacher, A. (2019). Determinants of Individual Investment Decisions in Investment-Based Crowdfunding // Journal of Business Finance & Accounting. Vol. 46, No. 5–6, pp. 762–783.
Search in Google Scholar Back to article
19. Hong, H., Kubik, J. F., Stein, J. C. (2004). Social Interaction and Stock-Market Participation // Journal of Finance. Vol. 59, pp. 137–163.
Search in Google Scholar Back to article
20. Isidore, P. R., Christie, Y. P. (2019).The Relationship between the Income and Behavioural Biases // Journal of Economics, Finance and Administrative Science. Vol. 24, No. 47, pp. 127–144. doi:10.1108/JEFAS-10-2018-0111
Open DOI Search in Google Scholar Back to article
21. Julmi, C. (2019). When Rational Decision-Making Becomes Irrational: A Critical Assessment and Re-Conceptualization of Intuition Effectiveness // Business Research. Vol. 12, pp. 291–314. doi: 10.1007/s40685-019-0096-4
Open DOI Search in Google Scholar Back to article
22. Kahneman, D. (2003). Maps of Bounded Rationality: Psychology for Behavioral Economics // American Economic Review. Vol. 93, No. 5, pp. 1449–1475. doi: 10.1257/000282803322655392
Open DOI Search in Google Scholar Back to article
23. Kahneman D., Tversky, A. (1974). Judgment under Uncertainty: Heuristics and Biases // Science, New Series. Vol. 185, No. 4157, pp. 1124–1131.
Search in Google Scholar Back to article
24. Kahneman, D., Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica. Vol. 47, No. 2.10.2307/1914185
Search in Google Scholar Back to article
25. Kartašova, J. (2012). Racionalią investuotojų elgseną formuojantys veiksniai ir jų poveikis sprendimams Lietuvos akcijų rinkoje. – PhD diss., Vytautas Magnus University.
Search in Google Scholar Back to article
26. Ke, D. (2021). Who Wears the Pants? Gender Identity Norms and Intrahousehold Financial Decision-Making // The Journal of Finance. Vol. 76, pp. 1389–1425.
Search in Google Scholar Back to article
27. Kim, C., Kannan, P. K., Trusov, M., Ordanini, A. (2020). Modeling Dynamics in Crowdfunding // Marketing Science. Vol. 39, No. 2, pp. 339–365.
Search in Google Scholar Back to article
28. Kipsaat, E. K., Olweny, T. (2020). Influence of Behavioral Biases on Professional Investment Decision in Kenya // Journal of Economics and Finance. Vol. 11, No. 6, pp. 15–40.
Search in Google Scholar Back to article
29. Kumar, S., Goyal, N. (2016). Evidence on Rationality and Behavioural Biases in Investment Decision Making // Qualitative Research in Financial Markets. Vol. 8, No. 4, pp. 270–287. doi: 10.1108/QRFM-05-2016-0016
Open DOI Search in Google Scholar Back to article
30. Lee, C. (2011). Bounded Rationality and the Emergence of Simplicity Amidst Complexity. Internet access: , [accessed March 30, 2022]10.1111/j.1467-6419.2010.00670.x
Search in Google Scholar Back to article
31. Lefevre, A., Chapman, M. (2017). Behavioural Economics and Financial Consumer Protection // OECD Working Papers on Finance, Insurance and Private Pensions. No. 42.
Search in Google Scholar Back to article
32. Li, J., Ren, G., Ma, Q., Liu, L. (2009). An Experimental Study on Investors’ Status Quo Bias and its Determinants // Frontiers of Business Research in China. Vol. 3(543). doi: /10.1007/s11782-009-0026-y
Open DOI Search in Google Scholar Back to article
33. Lin, H. (2011). Elucidating Rational Investment Decisions and Behavioural Biases: Evidence from the Taiwanese Stock Market // African Journal of Business Management. Vol. 5(5), pp. 1630–1631.
Search in Google Scholar Back to article
34. Linciano, N., Soccorso, P. (2012). Assessing Investors’ Risk Tolerance Through a Questionnaire // CONSOB Discussion Paper.10.2139/ssrn.2207958
Search in Google Scholar Back to article
35. Liu, Z., Ben. S., Zhang, R. (2022). Factors Affecting Crowdfunding Success // Journal of Computer Information Systems, pp. 1–16. doi: 10.1080/08874417.2022.2052379
Open DOI Search in Google Scholar Back to article
36. Lukkarinen, A. (2020). Equity Crowdfunding: Principles and Investor Behaviour. In: Shneor, R., Zhao, L., Flåten, BT. (eds) Advances in Crowdfunding. Palgrave Macmillan, Cham.
Search in Google Scholar Back to article
37. Lunfang, D., Khan, K., Khan, I., Noor, H. (2018). Testing the Empirical Validity of Permanent Income Hypothesis and Absolute Income Hypothesis for China // The Empirical Economics Letters. Vol. 17, pp. 453–460.
Search in Google Scholar Back to article
38. Lusardi, A., Mitchell, O., Curto, V. (2014). Financial Literacy and Financial Sophistication in the Older Population // Journal of Pension Economics and Finance. Vol. 13, No. 4, pp. 347–366. doi:10.1017/S1474747214000031
Open DOI Search in Google Scholar Back to article
39. Mintzberg, H., Raisinghani, D., Theoret, A. (1976). The Structure of “Unstructured” Decision Processes // Administrative Science Quarterly, pp. 246–275.
Search in Google Scholar Back to article
40. Mohamad, M. M., Sulaiman, N. L., Sern, L. C., Salleh, K. M. (2015). Measuring the Validity and Reliability of Research Instruments // Procedia – Social and Behavioral Sciences. Vol. 204, pp. 164–171. doi: 10.1016/j.sbspro.2015.08.129
Open DOI Search in Google Scholar Back to article
41. Mushinada, V. N. C., Veluri, V. S. S. (2019). Elucidating Investors Rationality and Behavioural Biases in Indian Stock Market // Review of Behavioral Finance. Vol. 11, No. 2, pp. 201–219. doi: 10.1108/RBF-04-2018-0034
Open DOI Search in Google Scholar Back to article
42. Nitani, M., Riding, A., He, B. (2019). On Equity Crowdfunding: Investor Rationality and Success Factors // Venture Capital. Vol. 21, No. 2–3, pp. 243–272. doi: 10.1080/13691066.2018.1468542
Open DOI Search in Google Scholar Back to article
43. Prasad, S., Kiran, R., Sharma, R. K. (2021). Behavioural, Socio-economic Factors, Financial Literacy and Investment Decisions: Are Men More Rational and Women More Emotional? // The Indian Economic Journal. Vol. 69, No. 1, pp. 66–87. doi: 10.1177/0019466220987023
Open DOI Search in Google Scholar Back to article
44. Rasool, N., Ullah, S. (2020). Financial Literacy and Behavioural Biases of Individual Investors: Empirical Evidence of Pakistan Stock Exchange // Journal of Economics, Finance and Administrative Science. Vol. 25, No. 50, pp. 261–278. doi:10.1108/JEFAS-03-2019-0031
Open DOI Search in Google Scholar Back to article
45. Robbins, S. P. (2002). Management. – New Jersey: Pearson Prentice-Hall.
Search in Google Scholar Back to article
46. Sahai, A. K. (2015). Overconfidence, Loss Aversion and Disposition Biases in Soy Oil Futures Traders in India // Prestige e-Journal of Management and Research. Vol. 2, No. 1.
Search in Google Scholar Back to article
47. Shusha, A., Touny, M. (2016). The Attitudinal Determinants of Adopting the Herd Behavior: An Applied Study on the Egyptian Exchange // Journal of Finance and Investment Analysis. Vol. 5, No. 1, pp. 55–69.
Search in Google Scholar Back to article
48. Simon, H. A. (1955). A Behavioral Model of Rational Choice // The Quarterly Journal of Economics. Vol. 69, No. 1, pp. 99–118. doi:10.2307/1884852
Open DOI Search in Google Scholar Back to article
49. Simon, H. A. (1997). Models of Bounded Rationality: Empirically Grounded Economic Reason. – Cambridge, Mass., United States: MIT Press Ltd.10.7551/mitpress/4711.001.0001
Search in Google Scholar Back to article
50. Strauss T., von Maltitz M. J. (2017) Generalising Ward’s Method for Use with Manhattan Distances // PLoS ONE. Vol. 12, No. 1. doi:10.1371/journal.pone.016828
Open DOI Search in Google Scholar Back to article
51. Suresh, G. (2021). Impact of Financial Literacy and Behavioural Biases on Investment Decision-Making // FIIB Business Review. doi: 10.1177/23197145211035481
Open DOI Search in Google Scholar Back to article
52. Talpsepp, T. (2013). Does Gender and Age Affect Investor Performance and the Disposition Effect? // Research in Economics and Business: Central and Eastern Europe. Vol. 2, No. 1, pp. 76–93.
Search in Google Scholar Back to article
53. Thaler, R. H. (2000). From Homo Economicus to Homo Sapiens // The Journal of Economic Perspectives. Vol. 14, No. 1, pp. 133–141.
Search in Google Scholar Back to article
54. Thaler, R. H. (2016). Behavioral Economics: Past, Present, and Future // American Economic Review. Vol. 106, No. 7, pp. 1577–1600.
Search in Google Scholar Back to article
55. Tseng, K. C. (2006). Behavioral Finance, Bounded Rationality, Neuro-Finance, and Traditional Finance // Investment Management and Financial Innovations. Vol. 3, No. 4.
Search in Google Scholar Back to article
56. Tuyon, J., Ahmad, Z. (2018). Psychoanalysis of Investor Irrationality and Dynamism in Stock Market // Journal of Interdisciplinary Economics. Vol. 30, No. 1, pp. 1–31. doi: 10.1177/0260107917697504
Open DOI Search in Google Scholar Back to article
57. Wallmeroth, J. (2019). Investor Behavior in Equity Crowdfunding // Venture Capital. Vol. 21, No. 2–3, pp. 273–300. doi: 10.1080/13691066.2018.1457475
Open DOI Search in Google Scholar Back to article
58. Wang, Xt. (2001). Introduction: Bounded Rationality of Economic Man: New Frontiers in Evolutionary Psychology and Bioeconomics // Journal of Bioeconomics. Vol. 3, pp. 83–89. doi: 10.1023/A:1020556123832
Open DOI Search in Google Scholar Back to article
59. Xie, K., Liu, Z., Chen, L. et al. (2019). Success Factors and Complex Dynamics of Crowdfunding: An Empirical Research on Taobao Platform in China // Electronic Markets. Vol. 29, pp. 187–199. doi: 10.1007/s12525-018-0305-6
Open DOI Search in Google Scholar Back to article
60. Yuliawati, T., Sari, M., Siska, N. (2021). Gender Differences in Investment Biases // Advances in Economics, Business and Management Research. Vol. 187.
Search in Google Scholar Back to article